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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
There are 49 lenders offering loans in West Somerset, KY. In this city, the average amount loaned is $295,357. Interest rates for hard money loans average about 10.2%. The mean length for notes is 38 months. The mean loan includes a 2.2 point origination charge. Lenders typically offer a 75% loan to value on loans in West Somerset.
Dixie finds a townhouse in West Somerset, KY to remodel and resell. Since she doesn't have enough cash to purchase the $350,000 property outright, she takes out a private money loan from North Shore Lending Company. The lender agrees to write a note with a 80% loan-to-value (LTV) so they are willing to loan $280,000 on the property. The loan is interest only, paid monthly, and is for 12 months at 12% interest with 5 origination points to be paid when the deal closes.
In addition to paying the $14,000 origination fee, Dixie will also have to fund $70,000 of the purchase with her own cash, or 20% of the purchase price. she will then pay $2,800 per month to North Shore Lending Company. Assuming Dixie sells the renovated house for $472,500 at the end of the 12 month term, her gross profit (not including rehab expenses) would be $74,900. This is calculated by taking the purchase price ($472,500) and subtracting the principle ($280,000), the origination cost ($14,000), the cash she brought to closing ($70,000), and the total interest expenses ($33,600).
Joe takes out a loan from ABC Finance Company so he can rehab a property to resell in West Somerset, KY. The deal has the following terms:
a) A $330,000 sales price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 4% origination fee.
Joe plans to sell the property when the note expires for $462,000. If he achieves this goal, the deal numbers will be the following:
$462,000 sales price
- $198,000 principle on note (60% LTV)
- $132,000 cash paid at closing (40% on 60% LTV)
- $7,920 origination fee (4% of the $198,000 principle amount)
- $13,860 total interest paid (6 months x 14% interest)
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= $110,220 total profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
Temple View Capital is a private lender headquartered in Bethesda, MD. They provide loans in 46 states throughout the US. They provide short-term and long-term fix and flip loans, loans for rental properties, bridge loans, and ground-up new construction loans ...
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Since its inception in 2011, Lima One Capital has funded over $9 billion in loans for real estate investors who are building, improving, and stabilizing neighborhoods across the nation. Lima One’s core loan products are New Construction loans for ground-up ...
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LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
Gelt Financial LLC was founded in 1989 to help both borrowers and brokers finance their real estate. With loan amounts from $100K-$5M on vacant, non-owner occupied, and owner-occupied properties, Gelt Financial funds both purchases and refinances. Additionally, Gelt provides creative ...
Barnett REI Finance is private lender headquartered in Northbrook, IL. They offer funding across the US. They offer long term rental property loans, fix-and-flip loans, and construction loans. Their loan parameters are versatile, including terms starting at 9 months, rates ...
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Bridge Well Capital is a hard money lender in Orlando, FL offering funding in 40 states throughout the United States. They provide loans for investments properties, cash out hard money loans, and fix-and-flip hard money loans. Their ...
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